North West, Singapore, Dec. 28, 2021 (GLOBE NEWSWIRE) — Kudo Money, the Metaverse identity issuance protocol, has closed $4 million in a strategic funding round. The investors involved in this round are venture capitalists, crypto communities, media investors, and decentralised protocols from all over the world. Kudo is creating an ecosystem of Web 3.0 products such as Unomi and Bitquity for mainstream crypto adoption.
Kudo is a decentralised scoring protocol that powers on-chain identity through the issuance of Unomi Passports. With the adoption of pseudonymous public key addresses as identity proxy, it is becoming increasingly crucial for protocols to leverage on-chain history for an address to provide a better user experience. Unomi passport scores will provide protocols with an insightful view of their users, allowing them to make better decisions and reward good on-chain behaviour. Unomi will enable users to batch wallets and sync their on-chain activity into a single interoperable Passport. What’s more, with higher on-chain reputation, users will have more access to borrowing, airdrop and farming opportunities in Ethereum, Polygon, BSC and Solana ecosystems.
Unomi identity passports
The current crypto experience is very crude. Due to the pseudo-anonymous nature of addresses, protocols lack a basic understanding of their interacting users. Web 3.0 user experience now is very similar to the early era of the internet,” said Tejas Thole, Founder and CEO of Kudo Money. “If we are able to simplify these complexities with Unomi Identity passports, Kudo can unlock the missing piece for Web 3.0 mainstream adoption,” he said.
A direct monetization path for Metaverse citizens to associate value on their terms with various aspects of their data journeys through Metaverse life with different projects, individuals, social networks, companies, and institutions. Kudo identity scoring mechanisms leverage various data sources and activities – On-chain credit behaviour, airdrop, investing and farming activity to evaluate creditworthiness and holding behaviour. Identity scores like Credit, Airdrop, Hodler, NFT hodler and Power user scores will provide applications with necessary information on their users and prospects to assess them. Play-to-Earn games can use Unomi scores to improve the gaming experience for each user. Addresses with higher Power-user scores can get special discounts, bonuses on in-game products.
Unomi evaluates the on-chain activity of a user and summarises it in a number. The scores can range from 0 to 100, with higher scores representing lower tendency to default, sell and so on. Unomi scores are programmable identity legos for developing user intelligent protocols. Asides the credit scoring and hodler scoring, the use cases for programmable, evolving and composable on-chain identity based on wallet-based financial histories are endless. Additionally, it’s worth noting that Unomi will help users create a multi-chain based passport which will integrate address information on various chains and user’s social account details.
By leveraging Unomi, DeFi protocols can profile and assess their users and borrowers to determine creditworthiness. This allows crypto industries to provide under collateralized loans, thus matching the lending capabilities of centralised institutions while maintaining the decentralised ethos.
More than 60 VCs and ecosystem stakeholders were involved in the private rounds, a number that speaks to the breadth of interest in Metaverse Identity Solution. Firms from around the world such as AU21 Capital, Bixin Ventures, LD Capital, Gate Labs, Digital Strats, Ex Network, Zokyo Labs, BTX Capital, Bitcoin.com, Magnus Ventures, X21, Insignious Capital, DCI Capital, Dweb3, ZBS Capital, Mih Ventures, Sentinel, Arcanum Capital, Extrawatts, Coinsummers, Damo Labs, Oasis Capital, R8 Ventures, Catcher VC, 7O Clock, Black Dragon, Scorpio VC, Tradecoin, Basics Capital, NXG, Novabit, Peech Capital, GTA ventures, Hashrate group, BlockOG and Lumo Labs were some of the early contributors. The inflow of fresh capital will accelerate the development of the passport ecosystem.
Following these successful private rounds, Kudo Money is also gearing up to launch its native token $KUDO as part of decentralising its identity infrastructure. The native token is planned to be released in Q1 next year. More details regarding the Public Sale will be announced via the official social channels.
About Kudo Money
Kudo Money is the metaverse identity issuance protocol that’s set to revolutionise how on-chain identity works by introducing a holistic approach to identity in crypto. Based on users’ on-chain scores, it provides exclusive rewards for good on-chain behaviour.